In the past, banks reached most of their clients through brick-and-mortar branches, networking events, and word-of-mouth marketing. Like many other industries, there has been a digital transformation in banking that requires institutions to think and operate differently. 

With the addition of artificial intelligence (AI) in financial services and more robust digital banking apps, clients have also changed how they interact and engage with banks. Recent studies show that clients are more likely to go digital when it comes to opening accounts and seeking financial advice than ever before.

While clients are moving online at an astounding rate, traditional banks are struggling to deliver the personalized and digital-centric experiences they’re looking for. After all, 83% of consumers say that the experience a bank provides is just as important as the products and services it offers. This means that going digital is a non-negotiable if bankers want to improve banking client engagement.

Clients want personalized advice

What clients really want from their banks boils down to one word: personalization. In fact, 53% of customers expect the offers and information they receive to always be personalized. After all, when other companies, streaming services, and online shopping platforms deliver catered experiences, it’s only natural for clients to expect the same from financial services companies.

Gone are the days when clients schedule appointments and come by the branch for financial assistance. Now, they have access to more information and resources at their fingertips and can easily do their own research. So by the time they speak to you as a banker, 60% of clients say they expect you to anticipate their needs. That means you need to know your clients’ preferences and provide proactive and helpful assistance as they move through the decision-making process.

While all of this seems a little daunting—it doesn’t have to be. Digital channels and tools make the idea of improving the customer experience in banking a reality. 

How to improve customer engagement in banking

In order to create authentic relationships with clients, you need to streamline and efficiently deliver content that’s relevant to them right when they need it. Here’s how to rethink your relationship banking strategy and embrace digital channels. 

Capture—and keep—their attention

Clients need to be viewed as more than a transaction, which is why it’s so important to meet them where they are. Social media is a great place to connect with clients and share content throughout their financial journey. 

Remember, clients can be overwhelmed with content, but if yours tells a personalized story that addresses their unique financial needs and challenges, you’ll stand out from competitors. Instead of pushing products and services, deliver educational information that’s insightful and easy to understand. This will build a more authentic relationship that’s made of trust and one that clients will want to keep engaging with. 

Sellers who have embraced digital and social selling are already seeing success, too. A recent study from Putnam Investments took a look at client engagement during the pandemic and found that 94% of sellers saw success using direct messaging with social platforms. Additionally, 74% of advisors who used social media for business were able to initiate relationships with clients. 

Create custom journeys for each client

Providing helpful content is only part of the challenge. After all, the financial journey is not the same for every client. Additionally, a client’s financial situation can quickly change to create a completely different buying journey. 

Each client’s unique financial situation and growing expectations of a personalized experience requires bankers to deliver the right content at the right time. When you proactively create different paths for clients to choose from, they’ll be more likely to move through the buying journey.

Leverage data and analytics 

Delivering content to clients is great, but you need to understand how and when clients interact with that content. What content did they view the most? Are there certain items that they didn’t interact with at all? By tapping into this data, you can identify what types of content clients want more of and what areas of your strategy may need to be revised. As you gather more data and review analytics, it will be easier to create and deliver more useful content and accelerate the buying process. 

Remember, it’s not just about delivering a positive experience and easy transactions, but more about personalizing the journey for each and every client. Banks who reinvent their customer engagement strategies will unlock new benefits and see greater lifetime customer value.

How we can help

Seismic’s enablement platform is trusted by thirteen of the largest U.S. banks and 300+ financial services organizations to deliver better engagement and experiences to banks, investment bankers, and their clients. Our platform includes tools like social selling and content automation to help bankers meet clients through email, social channels, and virtual rooms with personalized and interactive experiences.

If you’d like to learn more about client engagement in the digital-first era, check out our ebook, Rewriting the Rules of Engagement for the Modern Financial Services Client.